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Presenting - 53191
Transcript of Presenting - 53191
Do you prefer to rent or live in own house?
Current Situation of Vancouver Housing Market
——Exploration of Challenges and Prospective
1.Highest housing prices in Canada；
2.Low vacancy rate for rental housing；
3.Buildings need rennovations；
4.Increasing number of homeless people；
5.Overwhelming pressure on youth households
（Mayor Task， 2012）
1.Changing property-purchase tax;
“The city has become a hotel. I have done pretty well in my business, but I made more money from sitting on my Vancouver property than I made by working an entire lifetime”(Bing Thom, 2016).
A rate of one per cent for the first $200,000 of the sale price and two per cent for the remainder of the rest value(Meissner, 2016)
2.Spending $355 million in the construction or rennovation in five years
Cao, J., Huang, B., & Lai, R. N. (2015).
On the effectiveness of housing purchase restriction policy in China: a difference in difference approach
City of Vancouver. (2012).
Mayor’s task force on housing affordability: Bold ideas towards an affordable city
Davidoff, T., Gottlieb, J., Somerville, T., … Pineda, J. (2016).
Policy proposal: B.C. housing affordability fund
. Retrieved from http://www.housingaffordability.org
Province of British Columbia. (n.d.)
Defining Affordable Housing.
Retrieved from http://www2.gov.bc.ca/gov/content/ housing-tenancy/local-governments/defining-affordable-housing
Fan, J. Y. (2016, February 22). The golden generation: why China’s super-rich send their children abroad.
The New Yorker.
Retrieved from http://www.newyorker.com/magazine/2016/02/22/chinas-rich-kids-head-west
Meissner, D. (2016, Jan 18). Curbing foreign investment in B.C. real estate could cost $1B, says ministry document.
. Retrieved from http://www.cbc.ca/news/canada/british-columbia/bc-real-estate-tax-housing-prices-1.3409587
Yaffe, B. (2016, March 15). Barbara Yaffe: When real estate bidding wars are a ‘sales strategy’.
Retrieved from http://www.vancouversun.com/opinion/columnists/barbara+yaffe+when+real+estate+bidding+wars+sales/11786990/story.html
Wang, H. Y. R., & Han, W. (2016, March 24). Shanghai said to be nearing purchase Curbs for warming property market.
. Retrieved from http://english.caixin.com/2016-03-24/100924304.html
1.Veterans and disabled persons；
3.income taxpayers who have paid more than $15,000
(Davidoff, Gottlieb, Somerville…Pineda, 2016)
Cost no more than 30% of household income before taxes
(Province of B.C., n.d.)
Sources from Shanghai Daily
This paper argues that the government of British Columbia should carry out strict policies for Vancouver housing market such as tax revenue for vacant houses and more affordable housing and create a benign housing environment in order to avoid housing affordability crisis.
1.Some realtors make housing sales like bidding(Yaffe, 2016).
2.If the B.C. government tried to reduce international investment on residential real estate, the province would lose $1 billion on housing sales and about 4,000 construction employees would lose their jobs (Meissiner, 2016).
Municipal Policies for Shanghai Housing Market
1.Housing purchase restrictions(Cao &Lai, 2015)
2.High requirements for down payment(Han &Wu, 2016)